NEWS
BUA Foods Shareholders Endorse N63bn Dividend
By Edozie Obasi-Eze
The shareholders of BUA Foods Plc rose from their maiden Annual General Meeting (AGM) with a resolution approving a dividend of N63 billion for the 2021 accounting period.
The Board of the company, led by the chairman, Abdulsamad Rabiu had tabled the resolution for a total dividend of N63 billion at the AGM on Thursday in Abuja, before the shareholders, based on what it described as the positive growth recorded in the financial year ended December 31, 2021.
This translates to N3.50 which makes BUA Foods the company with the highest dividend payout in Nigeria’s Food and Fast Moving Consumer Goods industry on the NGX.
The company’s positive results is driven by impressive results across all three revenue-generating divisions- Sugar, Flour and Pasta.
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For instance, its operating profits grew by 56 per cent to N79.9 billion, while Profit Before Tax (PBT) increased by 63.96 per cent to N77.5 billion. The total profit at the end of the year was N69.8 billion (+97 per cent y-o-y).
It was gathered that dividends payment would commence on August 4.
Rabiu, said, “2021 was a pivotal year in our corporate history. It charted a new path for us to fulfil our vision to meet Africa’s growing demand for food by promoting food security and nourishing lives.
“Our bold decision to consolidate and restructure our business strengthened our productivity and improved our efficiency as a food value chain company.”
BUA, said to be one of the most valuable companies by market capitalisation Sub-Saharan Africa, is a leading manufacturer of high-quality foods.
The presidential candidate of the Nigeria Democratic Congress, Peter Obi, has condemned the recent killings and abductions in parts of the North-Central region, warning the Federal Government that Nigeria must not become a “killing field.”
Obi made the call in a statement posted on his X handle on Sunday, following recent attacks in Benue, Plateau and Niger states.
He described the situation as a national security emergency and urged governments at all levels to take urgent and decisive action to protect vulnerable communities and prevent further bloodshed.
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“What is happening to our country? In recent days, deadly attacks have struck Benue, Plateau and Niger States, three contiguous states in Nigeria’s North-Central region.
“In Mangu, Plateau State, at least 23 people were officially reported killed in the Jwak Maitumbi attack, while residents put the toll above 30. More than 45 houses were reportedly destroyed.
“In Borgu, Niger State, recent attacks reportedly killed over 40 people and abducted more than 100, though the figures remain contested. This comes amid continuing violence in Benue, where communities face repeated killings, abductions and the destruction of homes and livelihoods.”
Obi said the attacks were particularly disturbing because Nigeria was not officially at war, yet citizens were being attacked in their communities.
“Nigeria is not officially at war, yet citizens are being attacked in their villages, abducted after prayers, driven from their homes and stripped of their farms,” he said.
The former Anambra State governor argued that the violence in Benue, Plateau and Niger should no longer be treated as isolated incidents, noting that similar attacks were occurring in other parts of the country.
He called on governments at all levels to strengthen security measures, improve intelligence gathering and rapid-response capabilities, rescue abducted Nigerians and arrest and prosecute those responsible.
“I urge governments at all levels to wake up to their responsibility and take urgent and decisive action to end this madness once and for all,” he said.
“Government must protect vulnerable communities, improve intelligence and rapid-response capabilities, rescue abducted Nigerians, and arrest and prosecute those responsible.”
Obi further stressed that the government should focus on preventing attacks rather than responding only after lives had been lost.
“We cannot keep counting bodies after every attack. We must prevent these attacks before they happen.
“Protecting lives and property is the most basic duty of government. Nigerians deserve nothing less. Nigeria must not become a killing field.”
The Kaduna State Government has disclosed that it has cleared about N18bn out of the pension and gratuity arrears inherited by the administration of Governor Uba Sani.
The state Commissioner for Information and Culture, Ahmed Maiyaki, disclosed this in an exclusive interview on Saturday, attributing the development to increased allocations from the Federation Account under President Bola Tinubu.
Maiyaki said the additional resources had enabled the state government to intensify infrastructure development while increasing funding for agriculture, education, healthcare, transportation, security and youth employment.
According to him, the Uba Sani administration inherited about N24bn in outstanding pension and gratuity liabilities, alongside foreign and domestic debts.
He said, “When the governor assumed office, we inherited a backlog of debts, both foreign and domestic, which would have made it very difficult for the state to even pay salaries.”
The commissioner also disclosed that 115 road projects were ongoing across the 23 local government areas of the state, with more than half completed and covering over 1,400 kilometres of roads.
“Before now, 12 local government areas in Kaduna State had not seen even half a kilometre of road projects. But today, with the infrastructural development taking place in Kaduna State, 115 road projects are ongoing across the state,” he said.
Maiyaki explained that the road projects were designed to improve transportation, connect farmers and rural communities to markets, facilitate access to healthcare and strengthen security.
He cited a 35-kilometre ro